US stocks dip...Tesla board weighs proposal...NYC moves to rein in Uber, Lyft
Aug. 08, 2018
NEW YORK (AP) — A late gain for U.S. stocks slipped away Wednesday as a four-day winning streak ended. Energy companies sank along with the price of oil. Technology companies finished higher. Banks and health care companies also rose. The U.S. and China both announced new tariffs. The S&P 500 index dipped 0.75 points to 2,857.70. The Dow Jones Industrial Average fell 45.16 points, or 0.2 percent, to 25,583.75. The Nasdaq composite rose 4.66 points, or 0.1 percent, to 7,888.33. The Russell 2000 index of smaller stocks lost 1.42 points, or 0.1 percent, to 1,686.88. U.S. crude oil fell below $67 a barrel.
SAN FRANCISCO (AP) — Board members at Tesla are evaluating CEO and Chairman Elon Musk's $72 billion proposal to take the electric car maker private while government regulators look into whether the announcement of the potential deal meet legal requirements. Six of Tesla's nine members said in a prepared statement Wednesday that Musk began talking with the board about the move last week.
NEW YORK (AP) — New York City is reining in the growth of Uber, Lyft and other app-based ride services with a temporary cap on new cars picking up fares. The City Council approved a package of bills Wednesday that included a one-year moratorium on new licenses for for-hire vehicles while the city studies the rapidly changing industry. The Council also voted to set a minimum driver wage equivalent to the yellow cab wage for app-based drivers. Backers said both the traditional yellow cab industry and drivers for app-based services are suffering as Uber cars flood the city's streets.
WASHINGTON (AP) — Architects and engineers are still in. Accountants, doctors and lawyers remain out — mostly. New rules floated by the Trump administration lay out what kinds of businesses can take a 20 percent deduction against income taxes under the new tax law. The Treasury Department and the IRS had worked for six months to bring clarity to Congress' blueprint. But as with many aspects of the sweeping Republican tax law hustled through Congress last year, the requirements for the millions of "pass-through" businesses to score generous tax breaks are stunningly complex.
OMAHA, Neb. (AP) — Federal officials say a series of arrest warrants have been executed for 17 people charging them with fraud and money laundering in Nebraska and Minnesota in connection with a scheme to exploit immigrant workers who were in the country illegally. Officials say businesses knowingly hired and mistreated immigrants who are in the U.S. illegally. Officials with U.S. Immigration and Customs Enforcement's investigative arm, Homeland Security Investigations, say 14 of those people are in custody, and three others are being sought. More than 130 workers were also arrested.